Cary Tyson, executive director of Portland Downtown, says proposed development in downtown Portland signals momentum and a promising future.
Portland’s Congress Street corridor has taken its knocks in the past year.
But proposed development in downtown Portland — including along Congress Street — signals momentum and a promising future, Cary Tyson, executive director of Portland Downtown, says.
The proposals should reassure Mainers that downtown Portland remains healthy.
Tyson says the area is seeing significant proposed investments for the Time and Temperature Building at 477 Congress St. and the M&T Bank building at 465 Congress St. He also cites the initial approval for Old Port Square, which would be Maine’s tallest building, at 30 stories.
The Portland Museum of Art plans a $100 million expansion, while blocks away, a LiveNation music venue has been proposed.
“Regardless of where you stand on the issue, there’s an extraordinary investment proposed nearby with the potential LiveNation music venue and the Portland Museum of Art’s expansion, as well as their purchase of much of upper Free Street,” says Tyson.
Even with the recent closure of a Renys’ store on Congress Street, seven new businesses have launched in recent months, Tyson says, adding that the vacancy rate in the Arts District has dropped from 18% to 10%.
Congress Street also has anchors like the State Theatre, Space, Mechanics Hall, Congress Square Park and Merrill Auditorium.
“There are challenges — Renys’ space, anyone? — but if you’re looking to launch a new venture, I encourage you to consider Congress Street. Its future remains strong,” says Tyson.
